Fix Damaged Business Credit
Your business credit is important. It's one of the first things potential lenders and partners look at when they're considering doing business with you. And if your credit is damaged, it can lead to higher interest rates and fees, or even a denial of credit altogether. That's why it's so important to fix any damage to your business credit as soon as possible. The sooner you take action, the easier it will be to get your credit back on track.
Pay Your Bills On Time
Your payment history is one of the biggest factors financial institutions consider when you apply for a loan. That's why it's so important to make sure you're paying all of your bills on time, every time. The best way to do this is to set them up for automatic payments or create calendar notifications that remind you in advance when your bills are due. Credit Biz can help you develop a payment strategy that fulfills your needs and helps you avoid late payments.
Check Your Credit Report
The first step to take when trying to improve business credit is understanding where the damage came from. This will help determine what areas to focus on and the steps that need to be taken. You can do this by looking at your business credit report. This contains all of the information lenders will use to determine your creditworthiness.
When looking over your report, you can also check for any inaccuracies that may be contributing to your bad business credit. If there's anything inaccurate, you can file a dispute with the credit bureau and have it removed. Credit Biz can help you review your credit report to identify any discrepancies and develop a plan that fits your needs.
Improve Your Credit Utilization Ratio
Your credit utilization ratio is the amount of credit you're using compared to your total available credit. Lenders like to see a low credit utilization ratio because it shows that you're not maxing out your credit cards and putting yourself at risk of defaulting on your payments. You can improve your credit utilization ratio by paying down your debts and increasing your available credit. Our business credit repair can help you develop a plan to pay down your debts and lower your ratio.
Lower Your Revolving Credit Debt
Your revolving credit debt is the outstanding balance on your lines of credit and credit cards. This is one of the biggest factors in your business credit score, so it's important to keep it as low as possible. You can do this by making more than the minimum payment each month and paying off your balances as quickly as possible. Credit Biz can help you create a budget that will allow you to make these payments without putting too much strain on your business.
Credit Biz is dedicated to helping you give your business the most stable foundation to grow on by setting it up for financial success. These are just a few ways we can help improve your damaged business credit. If you're ready to get started, contact us today for a free consultation. We'll help you with your business credit repair by developing a plan that fits your needs and gets you back on track in no time.